The yen moved narrowly at a slightly stronger level in Tokyo trading on the afternoon of the 23rd. As of 2 p.m., the dollar was trading at ¥157.01–¥157.03, indicating a stronger yen and weaker dollar from the previous day, with movements constrained by developments in the equity market.
In the Tokyo foreign exchange market on the afternoon of the 23rd, the yen moved narrowly at a slightly stronger level, with the dollar trading in a ¥157.01–¥157.03 range as of 2 p.m. The yen was approximately 21 sen stronger against the dollar than at 5 p.m. the previous day. In the equity market, the Nikkei 225 narrowed its decline, and commentary indicated that upward pressure on the yen had paused.
According to a report by Nikkei QUICK News, the pause in moves to avoid investment risk has slowed the momentum for yen buying and dollar selling. As a result, the foreign exchange market has lacked a clear direction, with prices remaining within a limited range.
A collection of links to other articles published the same day suggested that the noon FX market overview showed a rising phase, trading near ¥157 per dollar, with some of the impact of lower U.S. stock prices already priced in. Overall, reports indicated that the yen had settled as the stock-market decline paused.